Income Tax Payment Timeline

[PERSonalTime]

I just did my income taxes and I discovered that I will owe money on this years return. Is it possible to file my income tax return now in March and make the payment of tax due anytime on or before April 15? Or am I required to submit the payment of tax due at the time I file my income tax return?

 

[latexman]

Is it possible to file my income tax return now in March and make the payment of tax due anytime on or before April 15?

I’ve done that, with TurboTax. I set up so the IRS would draft my checking account on April 15th. Worked perfectly.

 

[audreyh1]

With TurboTax you can tell them you’ll pay separately and they’ll create a payment voucher that you can send in by April 15th.

You can also use online methods to pay that amount due.

Personally I use eftps and schedule the payment for April 15th. I tell TurboTax I will pay separately. We already filed our taxes.

 

[Midpack]

I assume you mean eFile now and pay by Apr 15, you can, I’ve done it more than once - usually eFile in Feb and pay in early Apr. I can’t think of a good reason to paper file before you pay, IOW just file when you pay anytime before Apr 15, but maybe I’m missing an angle.

 

[PERSonalTime]

I’ve done that, with TurboTax. I set up so the IRS would draft my checking account on April 15th. Worked perfectly.

How do you do that?

 

[PERSonalTime]

I assume you mean eFile now and pay by Apr 15, you can, I’ve done it more than once - usually eFile in Feb and pay in early Apr. I can’t think of a good reason to paper file before you pay, IOW just file when you pay anytime before Apr 15, but maybe I’m missing an angle.

No, you’re right I’m talking about E-filing with TurboTax. Any specific directions?

 

[latexman]

TurboTax will walk you thru it. It did me. Go to the step-by-step methodology, and to the file your taxes section.

 

[Midpack]

No, you’re right I’m talking about E-filing with TurboTax. Any specific directions?

Just eFile, then send your payment in to the IRS address (MO for you?) on the first TT page with your 1040-V voucher anytime before Apr 15. Or any of the online payment options e.g. EFTPS, etc.

https://ttlc.intuit.com/turbotax-su.../tax-forms/get-form-1040-v/L6lkQQDWV_US_en_US

 

[jimbee]

I efile my taxes with FreeTaxUSA in late Feb/early March, and schedule any required payment in early April. FreeTaxUSA walks me through the process, and I expect TurboTax would do the same.

 

[socca]

... Personally I use eftps and schedule the payment for April 15th. I tell TurboTax I will pay separately. We already filed our taxes.

I schedule the payment for a few days before 4/15 to help the gov't with load balancing on their servers. They've never sent me a thank you note.

 

[FiveDriver]

TurboTax will walk you thru it. It did me. Go to the step-by-step methodology, and to the file your taxes section.

Following this thread. I owe them money this year.....will settle my tab in early April.

 

[JCH10400]

H&R Block software also allows you to schedule the payment for a later date when e filing. I filed last week and the IRS will pull the tax due from my checking account on April 5th (I don't like last minute problems, so they get the money a little early). The option to do this came up during the e file process.

 

[audreyh1]

I schedule the payment for a few days before 4/15 to help the gov't with load balancing on their servers. They've never sent me a thank you note.

I actually schedule a couple of days ahead too, but that’s because I’m also paying 2024 estimated taxes on 4/15. It just so happens my savings account statement cycle ends on the 14th so the two payments are in different cycles. This used to matter a bit, not really anymore but I like them being pulled on different days.

 

[PERSonalTime]

Thanks everyone for the information. Return filed and payment date set. Easy-pesy!

 

[Midpack]

I’ve made sure I owe the IRS and state a couple hundred $ every year for several years now, so there is no refund/amount owed. I apply the amount owed to next years taxes (2024 this year) so my return is always net zero $, eFile in Feb, easiest way to deal with income taxes to me. FWIW

 

[audreyh1]

I work hard to avoid refunds in the first place, and if I do end up with a refund I also apply it towards the following year estimated taxes.

 

[latexman]

I’ve made sure I owe the IRS and state a couple hundred $ every year for several years now, so there is no refund/amount owed. I apply the amount owed to next years taxes (2024 this year) so my return is always net zero $, eFile in Feb, easiest way to deal with income taxes to me. FWIW

What? You can owe the IRS, and apply it to next years taxes. I knew a refund can be applied to next years taxes, but . . . not owing taxes. Wouldn't they send a bill after April 15th?

 

[PERSonalTime]

I’ve made sure I owe the IRS and state a couple hundred $ every year for several years now, so there is no refund/amount owed. I apply the amount owed to next years taxes (2024 this year) so my return is always net zero $, eFile in Feb, easiest way to deal with income taxes to me. FWIW

So how do you apply the amount "owed" to next years' taxes? Wouldn't you owe interest and penalties on the amount owed?

 

[audreyh1]

I’m pretty sure that was mistyped.

 

[rk911]

If you file by paper rather than online you can send payment using IRS form 1040-V. As long as the envelope that you mail to the IRS is postmarked no later than the due date (April 15, 2024) you'll be fine. Back in the day before we started using TurboTax I would mail our paymenr about a week before the deadline 'just cuz'.

https://www.irs.gov/forms-pubs/about-form-1040-v

 

[Midpack]

What? You can owe the IRS, and apply it to next years taxes. I knew a refund can be applied to next years taxes, but . . . not owing taxes. Wouldn't they send a bill after April 15th?

So how do you apply the amount "owed" to next years' taxes? Wouldn't you owe interest and penalties on the amount owed?

Yeah, I meant I always make sure I overpay a couple hundred $ to have a refund to apply to next year. Was thinking in terms of what the IRS owes me, sorry…

 

[Badger]

Just eFile, then send your payment in to the IRS address (MO for you?) on the first TT page with your 1040-V voucher anytime before Apr 15. Or any of the online payment options e.g. EFTPS, etc.

https://ttlc.intuit.com/turbotax-su.../tax-forms/get-form-1040-v/L6lkQQDWV_US_en_US

For more than a decade AARP has done my taxes and every year I owe due to some combination of fluctuations in dividends, interest, and/or RMDs. Every year I have to use the voucher. I usually send in the money a day after the taxes have been e-filed then prepare for the first quarterly payment of the next year.